Keen Vision Acquisition Corp.(KVACU) - 2023 Q2 - Quarterly Report

Financial Performance - As of June 30, 2023, the company reported a net loss of $845 for the three months and$4,877 for the six months, compared to a net income of $1 and a net loss of$175 for the same periods in 2022[84]. - The company had cash of $4,664 as of June 30, 2023, with no long-term debt or significant liabilities reported[85][92]. - The company anticipates increased expenses due to public company compliance and due diligence activities following the IPO[83]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on July 27, 2023, raising gross proceeds of$149,500,000 from the sale of 14,950,000 Units at $10.00 per Unit[80][86]. - The company also sold 678,575 Private Placement Units for gross proceeds of$6,785,750, bringing total gross proceeds to $156,285,750[81]. - A total of$151,368,750 from the IPO and private placement proceeds was deposited in a Trust Account for the benefit of public shareholders[87]. - The company plans to use the net proceeds primarily for acquiring target businesses and covering related expenses[88]. Financial Structure - The company has no off-balance sheet financing arrangements or long-term liabilities as of June 30, 2023[91]. - The company’s warrants issued during the IPO are classified as equity, meeting the criteria under ASC 480[98]. Legal and Risk Factors - The company has no ongoing legal proceedings or significant risk factors disclosed as of the reporting date[102].